WOW! The Your Way Home Arizona Program is a program that is now officially open and ready for approved buyers. The state of Arizona has created a program that will allow buyers who qualify to access a grant of 22% of the purchase price if they buy bank owned foreclosure properties.
These properties must be bank foreclosures that are un-occupied. There are several qualifing criterial such as income limits by county, debt-to-income ratio limits, credit score minimums as well as home buyer classes to attend and complete. This is a golden opportunity to purchase a home in Tucson, Oro Valley or anywhere in Arizona if you are a first time home buyer. The 22% down payment can be used in conjunction with a traditional FHA loan which means you have a safe secure government insured mortgage while at the same time, your payment is significantly reduced because of the extra down payment.
HUD reposessions can be tough since they must generally close in 45 days and the YWHAZ program can take up to 60 days. That's where a good mortgage loan consultant is worth his/her weight in gold. I have a guy that I trust to handle these types of transactions. For a list of Fannie Mae and Freddie Mac reposessions contact me.